Nigerians are cashing in on the weak naira to increase exports of mainly agricultural products to boost their foreign exchange earnings. Data obtained by BuisnessDay from Nigeria’s two main cargo-handling companies shows a significant 39% increase in the volume of exported cargoes through Nigeria’s airports.
The two air cargo handling companies; Skyways Aviation Handling Company Limited, SAHCOL, and Nigerian Aviation Handling Company, Nahco Aviance (NAHCO) handle100% of all export and import cargoes going through Nigerian airports.
Data obtained from SAHCOL shows that while air cargo imports declined by 27.2% to 6,822,499kg in the first half of 2016, cargo exports handled by SAHCOL rose 84% to 2, 560,760kg within the same period.
Similar data obtained from NAHCO shows that air cargo imports also fell 24% to 21,858,976Kg, but cargo exports rose 25% to 5,241,269Kg within the same period.
Cumulatively, exports from the two main cargo-handling companies were up 39% in the first half of 2016.
Exports of Palm Oil, Vegetables (Fresh/Dry), Melon (Egusi), Ogbono Seeds, Cashew Nut, Ginger, Garlic, Zobo Leaves, Yam, Plantain, Pepper, Cocoa, Bitter Cola, Cola Nut, Garri, Dried Fish, Yam Flour, Cassava Flour, Plantain Flour, Coco Yam, mainly accounted for the increase according to a report by Chibyke Global, an air freight forwarding company in Lagos Nigeria.
“The high exchange rate has reduced importation but it is also encouraging Nigerians to export agro-allied products to other countries” Tayo Ojuri, industry expert and CEO of Aglo Limited, an aviation support service company told BusinessDay.
Connect via email
- Nigeria’s Buhari returns home after three-month sick leave in Britain – Reuters
- Naira falls against dollar at parallel market – NAN
- Nigeria strengthening economy attracts forex traders – The Cable
- Permanent secretary forfeits N664m, $137,680.11,properties to FG – THE NEWS NIGERIA
- Naira to weaken further as dollar demand increases – PUNCH